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Daily Business News Brief  Friday November 19th, 2021.


Investors lose N33bn, banking, industrial stocks decline – Punch

Stock investors in the Nigerian Exchange Limited recorded a loss of N33.36bn at the end of trading on Thursday as banking and industrial stocks suffered declines.  The NGX All-Share Index dropped by 0.15 per cent to 43,285.97 basis points from 43,349.90bps on Wednesday, while the market capitalisation fell to N22.59tn from N22.62tn.  Investor activity on the floor of the NGX reduced to 210.55 million shares valued at N2.61bn that were exchanged in 3,423 deals from 264.79 million units valued at N6.08bn in 4,230 deals on Wednesday.  Analysing by sectors, the NGX Banking and Industrial Goods indices depreciated by 0.19 per cent each, while the NGX Oil and Gas Index dropped by 0.12 per cent. The NGX Insurance and Consumer Goods indices closed higher by 0.59 per cent and 0.14 per cent respectively………………read more

Fuel marketers predict N170/litre, claim supply drop, NNPC disagrees – Thisday

The pump price of Premium Motor Spirit, popularly called petrol, may rise from the current N162-N165/litre to N170/litre, while its depot price is projected to increase from N159/litre to N165/litre, oil marketers said on Thursday. Dealers under the aegis of the Independent Petroleum Marketers Association of Nigeria and the Petroleum Products Retail Outlets Owners Association of Nigeria warned that the rising cost of petrol at depots would definitely warrant commensurate increase in pump price if not checked.  They also complained of PMS supply problems, stressing that many tank farms or depots had no petrol, which was why the few ones that had the commodity had to increase its price from the approved N148/litre price to N159/litre………………..read more

Nigeria’s GDP growth fell to 4.03% in Q3 -NBS – Punch

The nation’s economy grew more slowly in the third quarter of the year than it did in the second quarter, according to data from the National Bureau of Statistics.  The Gross Domestic Product growth rate fell to 4.03 per cent in Q3 from 5 per cent in Q2, the Statistician- General of the Federation, Simon Harry, disclosed on Thursday.  He said that during the quarter, aggregate GDP stood at 45.11tn in nominal terms, an increase of 15.41 per cent over the performance in the corresponding period of 2020.  Harry explained that the base effect of the negative economic growth recorded in Q2 and Q3 2020 as a result of the COVID-19 pandemic contributed to the growth in GDP in 2021…………..read more

FG raises power tariff December, begins free meters purchase- Daily Independent

Power consumers nationwide may start to pay more for electricity, following plans by the Federal Government to carry out a review of power tariff, The PUNCH has learnt. This came as the Federal Government said on Wednesday  it had commenced the procurement of four million meters meant to be distributed free of charge to unmetered power users nationwide. It also put the number of unmetered electricity consumers in Nigeria at about eight million, adding that over 860,000 meters were distributed for free to power users under phase zero of the National Mass Metering Programme. It was learnt on Wednesday the Nigerian Electricity Regulatory Commission would review the country’s power tariffs by next month, barring any unforeseen circumstance……………read more

AMCON empowered to sell debtor-firms, VIPs’ assets as Buhari signs bill – Punch

The President, Major General Muhammadu Buhari, retd, has signed into law the Asset Management Corporation of Nigeria (Amendment) Act, amending the AMCON Act No.4, 2010. The development means AMCON has now been empowered to take possession, manage, and sell the assets and property of its bad debtors. Buhari signed two bills passed by the National Assembly into law on Thursday. He also signed the Climate Change Bill into law. The Senior Special Assistant to the President on Media and Publicity, Garba Shehu, disclosed this in a statement titled, ‘President Buhari signs climate change, AMCON (amendment) bills into law.’…………..read more

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